Next Phase Of Banks Approved

Construction and planning continues on the multi-million dollar development project, the Banks.

Credit Provided / The Banks Public Partnership

Hamilton County Commissioners have approved moving ahead on the next part of the Banks. Project Executive Phil Beck says the public infrastructure part of Phase IIIA will cost about $29.3 million. It includes street work, and parking garage space.

“Sometimes the city (of Cincinnati) puts out the tax increment financing revenue bonds; sometimes the county does it," he says. "In in this particular case, the county will do it."

Beck says the tax increment revenue bonds from earlier phases of the Banks are helping to pay for this section, which is south of Freedom Way and east of Race, but includes extending the street one block south. The project also received a total of $7 million in two state grants.

Later this week, the Banks management team will start advertising for bids to work on the infrastructure of phase IIIA.

“Our design currently is substantially complete," Beck says. "We’ll actually be advertising our first trade contract, which is the foundation package, for lot 24 garage and Race Street, Thursday, June 4. There will be a three week bid period.”

With approval by commissioners, Beck says the winning contractor should be able to proceed right after the All-Star Game, July 14.

New details are being released about the next phase of the Banks project along the Ohio river.

Phase II A will feature a nine-story building running the length of Second Street from the Freedom Center to Race Street.

The development will include 305 apartments and 21,000 square feet of retail space.

Cincinnati and Hamilton County officials are slated to sign off on the project later this month. If everything moves on schedule, construction would begin in December with an expected opening date in fall 2015.